SAF-Holland fortifies its financial position
May 1, 2009 12:00 PM
In a challenging market, SAF-Holland SA maintained group sales in 2008 at nearly the same level as in the previous year at EUR 798.8 million (previous year: EUR 812.5 million), exchange rate adjusted EUR 817.2 million. Business performance was characterized by conflicting developments. Following a successful first half of the year with double-digit growth rates, the economic crisis restrained sales in the final months of 2008. SAF-HOLLAND responded promptly by taking steps to adjust to the new environment as early as October 2008.
Dr. Reiner Beutel, chief executive officer of SAF-Holland Group GmbH, said, “The past fiscal year was marked by above-average growth at the beginning and a drastic drop in sales in the final four months of the year. Our comprehensive projects to reduce costs and working capital and to stabilize liquidity are helping us overcome the current market weakness and are simultaneously fortifying us for the time following the crisis. As soon as demand revives, we will benefit from our high quality and innovative products and international positioning as one of the leading global suppliers to the truck and trailer industry.”
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